Understanding China’s Real Estate Markets

Bing Wang is an Associate Professor of Real Estate and the Built Environment at Harvard University Graduate School of Design (GSD) and Area Head for Master of Design Real Estate and the Built Environment. She is Faculty Co-Chair for the Real Estate Management program, a joint program between the GSD and Harvard Business School, and the Advanced Real Estate Development program. Prof. Wang holds a Bachelor of Architecture degree from Tsinghua University and master's and doctoral degrees from Harvard University. She worked at Lehman Brothers before founding her own real estate investment management firm. She acts as an advisor for multinational companies in the US, China, Japan, Saudi Arabia and Singapore. Her publications include the books The Architectural Profession of Modern China (2011), Prestige Retail Design and Development (2014), and Global Leadership in Real Estate and Design (2015). She is on the Steering Committee of Harvard China Fund, on the board of the Chinese Society of Urban Studies, and is an elected Board Director of the American Real Estate Society (ARES).

Tobias Just is the Managing and Academic Director at the IREBS Immobilienakademie and a Professor of Real Estate at the University of Regensburg. Prof. Just studied Economics in Hamburg and Uppsala (Sweden). His doctoral dissertation was awarded the university science prize in 2001. He subsequently worked for more than ten years at Deutsche Bank Research. Prof. Just has published more than 160 papers in professional and academic journals and books and eight books on various real estate and economics topics. He is President of the German Society of Property Researchers (gif), and an editor for ZIÖ - the German Journal of Real Estate Research. In 2017, Prof. Just became a Fellow of the RICS. From 2012 to 2018 he was a member of the Executive Management Board of the German section of the Urban Land Institute.

Introduction

Part I
Macro Environment
The Evolving Market Structure of Chinese Real Estate Companies
Navigating the Property Data Landscape in China
China’s Economy at the Crossroads
China’s Provinces — Addressing the Discrepancies at the Local Level
Hong Kong: A Review of its Leasehold Land System, Real Estate Market and Related Matters

Part II
Judicial and Tax Framework
Legal Framework for Real Estate Asset Classes in China and the Developments in Foreign Investment in the Real Estate Market in China
Regulating Leasing Activities
Real Estate Valuation in China
Tax Framework for International Investors Accessing China Real Estate Asset Classes

Part III
Financing
The Leverage Game: From Offshore to Onshore
Housing Finance at the Crossroads — Access and Affordability in an Ageing Society
Listing and M&A of Chinese Real Estate Enterprises
Real Estate Private Equity Investing in China: From a Practitioner’s Perspective
The Development of REIT Markets in Greater China
Scenarios of Real Estate Backed Securitization and Financing in China

Part IV
Asset Classes
Minding the Strategies: Analysis of a Strategic Development Model
China’s Housing Markets
Thoughts on China’s Medium- and Long-Term Real Estate Policies: Decentralizing, Impartial, and Legalizing Regulation
Luxury Hotel Markets and Development
Sustainable Buildings and Practice in China
The Rise of Platform-Based Networks: Outlook for Real Estate Brokerage Industry in China.